Wood Gundy: Difference between revisions
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{{Infobox company |
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'''Wood Gundy Inc.''' was a [[Canada|Canadian]] [[stock broker]]age |
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|company_name = Wood Gundy |
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|company_logo = [[File:Wood Gundy.png|225px|Wood Gundy logo]] |
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|company_type = Acquired |
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|foundation = 1905 |
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|defunct = 1988 |
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|fate = Acquired by [[Canadian Imperial Bank of Commerce]] |
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|successor = [[CIBC Wood Gundy]]<br>[[CIBC World Markets]] |
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|predecessor = |
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|location = [[Toronto|Toronto, Ontario, Canada]] |
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|key_people = |
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|area_served = |
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|industry = [[Financial services]] |
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|num_employees = |
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|products = [[Brokerage]] |
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|revenue = |
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|operating_income = |
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|net_income = |
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|assets = |
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|equity = |
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|slogan = |
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|homepage = |
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}} |
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| ⚫ | '''Wood Gundy Inc.''' was a [[Canada|Canadian]] [[stock brokerage]] and [[investment banking]] firm established in [[Toronto, Ontario]] in 1905 by [[George Herbert Wood]] and [[James Henry Gundy]]. The firm first specialized in the distribution and underwriting of government and municipal bonds. The firm first incorporated as a private company in 1925. |
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Following [[World War II]], Wood Gundy Inc. expanded its operations, starting to underwrite and distribute securities of Canadian corporations. Continued growth was driven through Canada's increasing [[industrialization]] and growing population, leading to greater demand for capital and investment securities. This expansion transformed Wood Gundy Inc. into a full-service investment house. |
Following [[World War II]], Wood Gundy Inc. expanded its operations, starting to underwrite and distribute securities of Canadian corporations. Continued growth was driven through Canada's increasing [[industrialization]] and growing population, leading to greater demand for capital and investment securities. This expansion transformed Wood Gundy Inc. into a full-service investment house. |
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Wood Gundy was the first Canadian dealer to open an office in Tokyo and the first firm to employ a female trader on the floor of the [[Toronto Stock Exchange]]. |
Wood Gundy was the first Canadian dealer to open an office in Tokyo and the first firm to employ a female trader on the floor of the [[Toronto Stock Exchange]]. |
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CIBC purchased a majority stake in [[Wood, Gundy & Co.]] in June 1988 for C$203 million.<ref name=cibcanswers>[http://www.answers.com/topic/canadian-imperial-bank-of-commerce Canadian Imperial Bank of Commerce Profile]</ref> Wood Gundy was established in Toronto in 1905 by [[George Herbert Wood]] and [[James Henry Gundy]]. At the time of its acquisition, Wood Gundy was the leading Canadian investment dealer. Following the acquisition, CIBC formed [[CIBC Wood Gundy]], which offered primarily [[asset management]] services for corporate and institutional clients. Two years later, in 1990, they continued to expanded the Canadian securities business by acquiring much of Merrill Lynch & Company's Canadian business. |
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The company was purchased by the [[Canadian Imperial Bank of Commerce]] in 1988. It then operated as subsidiary [[CIBC Wood Gundy]] before becoming [[CIBC World Markets]] in 1997.<ref>[http://w3.cms.cibc.com/NR/exeres/0fccbc43-ddf1-4ac8-9f4b-9873f5630ba0.htm]</ref> |
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In 1997, [[CIBC Wood Gundy]] acquired the U.S. brokerage house [[Oppenheimer & Co.]]. After the acquisition the U.S. division took the name CIBC Oppenheimer, eliminating the use of the Wood Gundy brand through much of the bank. |
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==Executives== |
==Executives== |
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{{Reflist}} |
{{Reflist}} |
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* [http://w3.cms.cibc.com/NR/exeres/0fccbc43-ddf1-4ac8-9f4b-9873f5630ba0.htm CIBC Archives] |
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*[http://books.google.com/books?id=6MnzYrLerlwC&pg=PA535 The Investment banking handbook]. John Wiley and Sons, 1988 |
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[[Category:Former investment banks]] |
[[Category:Former investment banks]] |
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Revision as of 03:01, 20 August 2010
| Wood Gundy logo | |
| Company type | Acquired |
|---|---|
| Industry | Financial services |
| Founded | 1905 |
| Defunct | 1988 |
| Fate | Acquired by Canadian Imperial Bank of Commerce |
| Successor | CIBC Wood Gundy CIBC World Markets |
| Headquarters | Toronto, Ontario, Canada |
| Products | Brokerage |
Wood Gundy Inc. was a Canadian stock brokerage and investment banking firm established in Toronto, Ontario in 1905 by George Herbert Wood and James Henry Gundy. The firm first specialized in the distribution and underwriting of government and municipal bonds. The firm first incorporated as a private company in 1925.
Following World War II, Wood Gundy Inc. expanded its operations, starting to underwrite and distribute securities of Canadian corporations. Continued growth was driven through Canada's increasing industrialization and growing population, leading to greater demand for capital and investment securities. This expansion transformed Wood Gundy Inc. into a full-service investment house.
The operations of the company, then called "Wood, Gundy & Company Limited" were split into two newly-incorporated companies in 1962. The first, responsible for investment dealer operations, was called "Wood Gundy Securities Limited". The second, responsible for the investment holding business, was named "Wood Gundy Holdings Limited". These two firms existed until the early 1970s, when they reunited as a single firm under the name "Wood Gundy Limited". At this time, Charles Gundy was Chairman.
Wood Gundy was the first Canadian dealer to open an office in Tokyo and the first firm to employ a female trader on the floor of the Toronto Stock Exchange.
CIBC purchased a majority stake in Wood, Gundy & Co. in June 1988 for C$203 million.[1] Wood Gundy was established in Toronto in 1905 by George Herbert Wood and James Henry Gundy. At the time of its acquisition, Wood Gundy was the leading Canadian investment dealer. Following the acquisition, CIBC formed CIBC Wood Gundy, which offered primarily asset management services for corporate and institutional clients. Two years later, in 1990, they continued to expanded the Canadian securities business by acquiring much of Merrill Lynch & Company's Canadian business.
In 1997, CIBC Wood Gundy acquired the U.S. brokerage house Oppenheimer & Co.. After the acquisition the U.S. division took the name CIBC Oppenheimer, eliminating the use of the Wood Gundy brand through much of the bank.
Executives
Chair
- George Herbert Wood 1925-1932: investment dealer, Sec/Supt of Sales, Manager with Dominion Securities Corp 1900-1905, Chairman of Victory Loans Special Committee 1911-1918, Acting President YMCA Toronto
- James Henry Gundy 1932-1951: investment dealer with Central Canada Loans and Savings Co. 1898-1902, Dominion Securities Corp. 1902-1905, Chair of Special Subscriptions Committee - Victory Loans 1911-1918, President - Investment Dealer Association of Canada 1920-1921, Governor -of the Investment Bankers' Association America, Director of Canada Cement, Massey-Harris, Simpsons Ltd, Dominion Steel and Coal Company.
- William Pearson Scott 1961-1967
- Charles Lake Gundy 1967-1978
- John Hunkin 1990-1992: President of Investment and Corporate Banking CIBC WG 1992-1997, President of Investment and Corporate Banking CIBC World Markets 1997-1999
President
- James Henry Gundy 1925-1948
- Charles Lake Gundy 1948-1978: World War II - Canadian Army 1939-1945, Vice-President 1945-1948, President 1948-1967, Chairman 1967-1978, son of JH Gundy
- Charles Edward "Ted" Medland 1978-1988
- John Hunkin - 1988-1990
References
- CIBC Archives
- The Investment banking handbook. John Wiley and Sons, 1988